Published: Wed, May 16, 2018
Markets | By Otis Pena

Myer Q3 sales fall 2.7%

Myer Q3 sales fall 2.7%

However, the positive online numbers came amidst falling total sales numbers for the quarter with Myer announcing a 2.7% drop in total sales down to $635.3 million.

Citi analysts had expected Myer's third quarter sales of $621 million and a comparable sales decline of 3.5 per cent.

The update prompted a rebuke from Myer's biggest shareholder, retail veteran Solomon Lew who holds 10.7 percent, who said its discounting had "failed to arrest its sales decline" and would likely result in another profit warning.

Hounsell said in March that he was pushing staff to "trade the business harder" and was taking a number of steps to improve the competitiveness of the business, including more discounting. Online sales, which account for about one twentieth of total sales, surged 49 percent.

The 3 per cent fall in comparable sales is in line with the decline seen in the first half of the financial year, but is worse than in the same period last year, when sales fell 2 per cent.

Gold futures drop to lowest of year as United States dollar rallies
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.17 per cent to 856.17 tonnes on Monday. Rotbart & Co in Hong Kong. "Therefore it has not become a big driver for gold", said Argonaut Securities analyst Helen Lau.

The embattled department store chain has also announced its newly appointed British chief executive John King will start on June 4 following the approval of his visa. Year to date online sales jumped 49% to $141.1 million.

Hounsell asserts King has already visited many stores, "talked with team members and customers", and understands the "significant task" associated with turning around the business.

"The continued strong performance in our online business is pleasing and we will continue to invest in growing this business".

Announcing its results on Wednesday, Myer says its key like-for-like sales, which strips out new stores and closures, fell 3.1 per cent in the 13 weeks to April 28.

Like this: